Highlights Q2 2024: 

• Increased activity from Q1 with start-up of North Sea and Canada operations 
• Revenues of USD 214.2 million compared to USD 237.7 million in Q2 2023 
• EBITDA of USD 80.1 million compared to USD 65.8 million in Q2 2023 
• EBIT of USD 45.8 million compared to USD 36.4 million in Q2 2023 
• Vessel utilisation of 83% (10.0 active vessels), compared to 83% in Q2 2023 (13.8 active vessels)
• Successful execution of OBN survey in India confirming the competitiveness of the SW Tasman and Pearl node execution platform 
• Completion of the second carbon capture survey this year off the coast of the UK 

Irene Basili, CEO of Shearwater Geoservices, comments on the second quarter results: 
“Activity increased during the second quarter in line with seasonal demand. Although, so far in 2024, the marine seismic acquisition market has been slower than anticipated, we still see a positive development on EBITDA from previous quarter and 2nd quarter last year. A healthy pipeline of potential projects for the upcoming winter indicates increased demand globally, however uncertainty around timing of projects related to permits and internal processes with our clients, could lead to projects which we earlier assumed would come in Q4 to slide into 2025.

Operationally, I would like to highlight the continued activity in our Multi-client business with the commencement of a project in a prosperous area in offshore Brazil, as well as our recently announced technology agreement with Petrobras. This month we also completed the first major OBN survey combining Shearwater’s in-house developed Pearl node and purpose-built ROV vessel SW Tasman. With our one-of-a-kind OBN acquisition platform we are setting new industry standards for operational efficiencies on a survey that was recently extended by the client in India continuing through Q3 and into Q4.

Our long term view of the market remains positive on increased demand for our services. Recent projections by super major ExxonMobil in their "ExxonMobil Global Outlook: our view to 2050", supports the strong need for more investments, in order to increase oil supply to fend off a projected natural decline of a staggering 15% annually in the period covered by the report.

Our active role as industry consolidator through the cycle has positioned us well to capitalise from increased demand, however with timing of same being the variable most difficult to predict. Pending our clients' increased spend, we focus on delivering solid operations, optimising utilisation on active fleet, and good results."

For further information: 
Andreas Hveding Aubert, CFO, phone: +47 48 01 40 70 
Kristian Rådal, Investor Relations Manager, phone: +47 99 23 61 58 

About Shearwater GeoServices AS: 
Shearwater is a global marine geoscience and technology business that specialises in collecting data offshore. The organisation uses state-of-the art seismic vessels and equipment to explore the seabed and processes the data using market-leading proprietary software. These insights help clients understand the Earth and make informed decisions about accelerating responsible use of its resources. Shearwater's headquarter is in Bergen, Norway, with more facilities all around the globe. The company employs around 1,200 people.